Silver Spaceman | Vantage FX

Silver Spaceman

June 10, 2016

Silver Spaceman:
With China still on holidays for the Dragon Boat Festival and Australian markets slowing down as they head into the Queen’s Birthday Long weekend, I’m expecting the week to just peter out quietly. And as we have a quiet one, I’ve gone a little left field on today’s blog…

Reading around the traps this morning, I see a lot of chatter about the price of Silver and I’ve chosen to pick a little on the following AFR article that crossed my screens.

AFR Silver Headline

“Silver has gone mental as it sometimes does,” he said. “It’s gold on steroids.”

Adrian Ash – BullionVault

XAG/USD Weekly:
Click on chart to see a larger view.

Well the weekly chart shows that maybe the headline writers are getting a little bit carried away with things just now

Who would have thought that someone speaking on behalf of a company called ‘BullionVault’ would be bullish Gold and Silver. They wouldn’t have a vested interest, would they?

Good advertising piece. But with the chart showing price pushing into short term resistance, I’m not as convinced as our friends at BullionVault and the AFR.

Speaking of advertising pieces… Into last night’s Mario Draghi address, we published this quick look at EUR/USD.

The piece was looking at a lower time frame ascending triangle pattern and whether Draghi’s speech could maybe kick the Euro to fresh new highs.

But with Draghi not having anything new to say other than calling for more than just monetary policy to help spur growth within the Eurozone, the rest of the second and third tier news releases couldn’t stop the pullback and EUR/USD gave back some of its recent gains.

EUR/USD Hourly:
Click on chart to see a larger view.

Continue to manage your risk intelligently and the Vantage FX blog will be back on Tuesday after the Australian public holiday. God Save the Queen!


On the Calendar Friday:
CNY Bank Holiday

The Dragon Boat Festival, also often known as the Tuen Ng or Duanwu Festival, is a traditional holiday originating in China, occurring near the summer solstice.”

CAD Employment Change
CAD Unemployment Rate

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Dane Williams – @VantageFX

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